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Earning Income

TermDefinition
. Associate Degree an undergraduate college degree that typically takes two years of full-time study to complete.
Bachelors Degree an undergraduate academic credential awarded by colleges and universities upon completing a program of study that typically lasts four years.
Benefits an advantage, profit, or helpful effect gained from something.
Compensation something of value, usually money, given in return for work or to fix a loss or injury.
Doctorate Degree the highest academic degree you can earn from a university.
FICA Federal Insurance Contributions Act, which is a U.S. federal payroll tax automatically taken out of worker paychecks to fund Social Security and Medicare.
Gross Income the total amount of money earned by an individual or business before any taxes or deductions are remove.
Income Tax Income tax is a mandatory financial charge levied by governments on the earnings and profits of individuals and business
College Major your primary field of study and the specific academic focus you choose while earning an undergraduate degree.
Masters Degree an advanced postgraduate academic qualification awarded by a college or university after completing one to two years of focused study beyond a bachelor's degree.
Minimum Wage the lowest hourly, daily, or monthly pay that an employer can legally pay a worker.
. Payroll Deduction money withheld from an employee's gross pay to cover taxes, benefit contributions, and other legally required or voluntary obligation.
PTO Paid Time Off, a workplace policy that gives employees compensated time away from work.
Salary a fixed amount of money an employer pays an employee for their work.
Wage a monetary payment made by an employer to an employee in exchange for labor or services, usually calculated on an hourly, daily, or piecework basis.
Created by: nschunk32
 

 



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